INTERIM FINANCIAL REPORT, THIRD QUARTER 2010 and announcement of share-buy back scheme Company Announcement No. 361 Selected financial and operating data for the period 1 January - 30 September 2010 • Revenue amounted to DKK 31,451 million (2009: DKK 26,941 million) • Gross profit came to DKK 6,947 million (2009: DKK 6,735 million), corresponding to a gross margin of 22.1% (2009: 25.0%) • Operating profit before special items (EBITA) came to DKK 1,638 million (2009: DKK 1,269 million), corresponding to an EBITA margin of 5.2% (2009: 4.7%) • Profit before tax amounted to DKK 1,230 million (2009: DKK 347 million) • DSV's share of the profit for the period amounted to DKK 881 million (2009: DKK 99 million) • Diluted adjusted earnings per share were DKK 4.6 for the period (2009: DKK 2.8), which amounts to an annualised figure of DKK 5.7 (2009: DKK 4.3) • Free cash flow for the period adjusted for the acquisition of enterprises amounted to DKK 685 million (2009: DKK 1,005 million) The results for the first nine months of 2010 are deemed satisfactory. Outlook for 2010 DSV revises the outlook for all of 2010 disclosed in the H1 2010 Interim Financial Report. Expectations are as follows: • Revenue is expected to be in the range of DKK 42,000-43,000 million as against the range of DKK 41,000-43,000 million previously announced • Gross profit is expected to be in the range of DKK 9,250-9,350 million as against the range of DKK 9,200-9,400 million previously announced • Operating profit before special items (EBITA) is expected to be in the range of DKK 2,150-2,250 million as against the range of DKK 2,000-2,200 million previously announced • Special items are still not expected to any appreciable extent • Net financials are now expected to amount to DKK 525 million as against DKK 500 million previously announced • The effective tax rate of DSV is expected to remain at approx. 28% • Free cash flow adjusted for the acquisition of enterprises is expected to remain at around DKK 1,200 million Commencement of share buy-back scheme according to the safe harbour method DSV will launch share buy-backs for a maximised value of DKK 600 million according to the safe harbour method. Yours sincerely, DSV